Kerrisdale Advisers LLC Boosts Stock Position in Cenovus Energy Inc $CVE

Kerrisdale Advisers LLC lifted its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 27.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 141,350 shares of the oil and gas company’s stock after buying an additional 30,400 shares during the period. Cenovus Energy comprises 0.9% of Kerrisdale Advisers LLC’s investment portfolio, making the stock its 21st largest position. Kerrisdale Advisers LLC’s holdings in Cenovus Energy were worth $3,504,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital Research Global Investors raised its stake in shares of Cenovus Energy by 16.6% during the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after acquiring an additional 17,730,542 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Cenovus Energy during the 2nd quarter valued at $423,886,000. GQG Partners LLC purchased a new position in Cenovus Energy in the 2nd quarter worth $411,552,000. Bank of America Corp DE bought a new stake in Cenovus Energy in the second quarter worth $369,701,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Cenovus Energy in the second quarter worth $355,752,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $31.60 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The company has a market cap of $58.44 billion, a PE ratio of 12.15 and a beta of 0.34. The business has a 50 day moving average of $28.40 and a 200 day moving average of $26.91. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $33.40.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate of $1.11. The business had revenue of $14.59 billion for the quarter, compared to analysts’ expectations of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.45 earnings per share. As a group, equities research analysts forecast that Cenovus Energy Inc will post 3.2 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 24.62%.

Analyst Ratings Changes

CVE has been the topic of a number of recent research reports. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Thursday. Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. Zacks Research cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Finally, Royal Bank Of Canada lifted their price target on Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.25.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin?off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.